Bank of America Corp
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Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Premarket

Last Trade
Delayed
$19.61
-0.16 (-0.81%)
Bid
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Market Hours

Closing Price
$19.77
Day's Change
0.00 (0.00%)
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Day's Low
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Volume
(Light)
Volume:
603,549

10-day average volume:
124,166,770
603,549

The 'mother of all bailouts' boosts Boeing, airline shares

11:13 am ET March 26, 2020 (MarketWatch)
Print

By Claudia Assis, MarketWatch

Shares of U.S. airlines and of plane maker Boeing Co. rose on Thursday after the U.S. government's $2 trillion stimulus package cleared the Senate hurdle despite last-minute disagreements.

Boeing (BA) shares rose more than 15%, extending their rally to a fourth day and on the heels of a 25% gain on Wednesday.

The NYSE Arca Airline index was 7% higher, compared with gains under 4% for the S&P 500 index.

The "mother of all bailouts" sets aside about $88 billion in aid for the aviation sector, analyst Robert Stallard with Vertical Partners said in a note Thursday.

There's about $42 billion in grants to airlines and airports and air cargo operators aimed at support workers. Loan and loan guarantees making up the rest, including $17 billion for businesses related to national security.

Related: Airlines move to cut capacity and rein in costs as coronavirus effect intensifies (http://www.marketwatch.com/story/airlines-move-to-cut-capacity-and-rein-in-costs-as-coronavirus-effect-worsens-2020-03-10)

"The situation for the U.S. airlines remains pretty dire," Stallard said.

In the aftermath of the Sept. 11, 2001, attacks, Congress passed a $15 billion bailout package to airlines.

See also:Senate approves $2 trillion coronavirus-aid bill, sending measure to House for vote (http://www.marketwatch.com/story/mcconnell-predicts-passage-today-of-coronavirus-aid-bill-in-senate-2020-03-25)

Virtually all airlines have cut down on capacity, instituted hiring freezes and cost-cutting measures, and had said they wouldn't be able to survive the year without help.

"Elsewhere in bailout land," Stallard said, industry group U.K. airlines is requesting government aid and a six-month suspension in air passenger duty, low-cost carrier Norwegian Air Shuttle ASA has given creditors a forbearance note, a required step before getting loan support from the Norwegian government, and Singapore Airlines has is on the verge of receiving a capital injection from the government.

-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

March 26, 2020 11:13 ET (15:13 GMT)

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